What government programs provide retirement income in Canada, and what are they collectively called?

What government programs provide retirement income in Canada, and what are they collectively called?

• A. CPP (Canada Pension Plan) and OAS (Old Age Security), collectively part of government retirement benefits.
• B. GIS (Guaranteed Income Supplement) and OAS, collectively called private pension benefits.
• C. CPP and GIS, collectively called social insurance.
• D. OAS and CPP, collectively called national pension fund.

Answer: (A)

Canada’s retirement income from the government comes from two main programs: the Canada Pension Plan (CPP) and Old Age Security (OAS). CPP is a contributory plan funded by workers and their employers and provides retirement income based on contributions. OAS is a universal pension funded from general revenues and provides a basic pension to most Canadians 65 and older who have lived in the country long enough. Together, these form the government’s retirement benefits, often referred to as public pensions. The Guaranteed Income Supplement (GIS) is a supplemental benefit for low-income seniors under OAS, not one of the primary retirement programs. The term national pension fund isn’t used here, nor are private pension benefits, which are employer-sponsored, not government programs.

Canada’s retirement income from the government comes from two main programs: the Canada Pension Plan (CPP) and Old Age Security (OAS). CPP is a contributory plan funded by workers and their employers and provides retirement income based on contributions. OAS is a universal pension funded from general revenues and provides a basic pension to most Canadians 65 and older who have lived in the country long enough. Together, these form the government’s retirement benefits, often referred to as public pensions. The Guaranteed Income Supplement (GIS) is a supplemental benefit for low-income seniors under OAS, not one of the primary retirement programs. The term national pension fund isn’t used here, nor are private pension benefits, which are employer-sponsored, not government programs.